Closed-ended fund arbitrageur Carrousel Capital has gone after three investment trusts, denying them...
Closed-ended fund arbitrageur Carrousel Capital has gone after three investment trusts, denying them share buy-back powers by voting against the boards at recent annual general meetings. Charles Cade, investment trust analyst at Close Wins, said the action represented a new tactic from arbitrageurs designed to prevent share capital of the trusts falling into friendly hands, without opportunists first having the chance to pick up the stock. "This tactic potentially makes it easier to acquire stock as they become the only buyer of last resort," Cade said. The motivation of Carrousel is cle...
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